Economic and monetary union

From Wikipedia, the free encyclopedia

(Redirected from Economic and Monetary Union)

Jump to: navigation, search

World trade A series on Trade


Policy Import · Export · Balance of trade Comparative advantage Trade law · Trade pact · Trade bloc Trade creation · Trade diversion Export orientation · Import substitution Trade finance · Trade facilitation Trade route · Domestic trade Tax, tariff and trade
Restriction Trade barriers Tariffs · Non-tariff barriers Import quotas · Tariff-rate quotas Quota share · Import licenses Customs duties · Export subsidies Technical barriers · Bribery Exchange rate controls · Embargo Safeguards Countervailing duties Anti-dumping duties Voluntary export restraints
History Mercantilism · Protectionism Laissez-faire · Free trade Economic nationalism Economic integration
Organizations World Trade Organization World Customs Organization International Monetary Fund Preferential trading area Free trade area · Customs union Single market · Economic union Monetary union · Fiscal union Customs and monetary union Economic and monetary union
Issues Intellectual property rights Smuggling · Competition policy Government procurement Outsourcing · Globalization Fair trade · Trade justice Emissions trading · Trade sanctions War (Currency · Customs · Trade) Trade and development
Lists Imports · Exports · Tariffs Largest consumer markets Leading trade partners
By Country Trade mission · Trading nation United States · Argentina · Pakistan Romania · Vietnam · India
v d e

An economic and monetary union is a type of trade bloc which is composed of an economic union (common market and customs union) with a monetary union. It is to be distinguished from a mere monetary union (e.g. the Latin Monetary Union in the 19th century), which does not involve a common market. This is the fifth stage of economic integration. EMU is established through a currency-related trade pact. An intermediate step between pure EMU and a complete economic integration is the fiscal union.

[edit] List of economic and monetary unions

Economic and Monetary Union of the European Union (1999/2002) with the Euro for the Eurozone members of the European Union
de-facto Monaco - Eurozone^[1]
de-facto the OECS Eastern Caribbean Currency Union with the East Caribbean dollar in the CSME (2006)^[2]
de-facto Switzerland - Liechtenstein^[3]

Additionally the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de-facto customs union, common market and currency union (or combinations thereof) with the mainland and in regards to third countries trough the trade pacts signed by the mainland state.^[4]

[edit] Proposed

Community	Currency	Region	Target date	Notes
Economic and Monetary Community of Central Africa (CEMAC)	Central African CFA franc	Africa		not yet functioning common market
West African Economic and Monetary Union (UEMOA)	West African CFA franc	Africa		not yet functioning common market
Gulf Cooperation Council (GCC)	Khaleeji	Middle East	2013	Possibly gold backed, but postponed due to the financial crisis.
East African Community (EAC)	East African shilling	Africa	2015	To be used by the future East African Federation
Caribbean Single Market and Economy (as part of the CARICOM)		Latin America /Caribbean	2015	To supplement the OECS Eastern Caribbean Currency Union
Southern African Customs Union (SACU)	South African Rand	Africa	2015	de-facto for the CMA member when the SADC economic union is established
Southern African Development Community (SADC)	South African Rand (interim proposal)	Africa	2016	To supplement or succeed the CMA and Southern Africa Customs Union
South Asian Association for Regional Cooperation		South Asia	2016^{[citation needed]}
Union of South American Nations (UNASUR)	Latino^[5]	Latin America /Caribbean	2019
Economic Community of Central African States (ECCAS)		Africa		To supplement the Economic and Monetary Community of Central Africa (CEMAC)
Economic Community of West African States (ECOWAS)		Africa		To succeed UEMOA and WAMZ
African Economic Community		Africa	2028	See African Monetary Union
Union State of Russia and Belarus	Russian ruble	Europe
Arab League	Arab Dinar	Arab states		Arab Dinar has been proposed ever since the creation of the Arab Monetary Fund, expected for serious plans of doing so, after the creation of the proposed Arab Union.

[edit] Previous

Stages of economic integration around the World:
(each country colored according to the most advanced agreement that it participates into.)

Economic and Monetary Union(CSME/EC$, EU/€)

Economic union (CSME, EU)

Customs and Monetary Union (CEMAC/franc, UEMOA/franc)

Common market (EEA, EFTA, CES)

Customs union (CAN, CUBKR, EAC, EUCU, MERCOSUR, SACU)

Multilateral Free Trade Area (AFTA, CEFTA, CISFTA, COMESA, GAFTA, GCC, NAFTA, SAFTA, SICA, TPP)

Belgium-Luxembourg Monetary Union (1922–2002), superseded by the European EMU

[edit] See also

North American Union and North American Currency Union (Amero)^[6]
Pacific Union (one proposal for Australian dollar)

[edit] References

^ Monaco is partially participating in the EU single market, and also in a de facto customs and currency union with the EU.
^ The states participating in both initiatives are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines.
^ Common market in EFTA, Customs union since 1924, informal Currency union since 1920.
^ EU Overseas countries and some other territories participate partially in the EU single market per part four of the Treaty Establishing the European Community; Some EU Outermost regions and other territories use the Euro of the currency union, others are part of the customs union; some participate in both unions and some in neither.
Territories of the United States, Australian External Territories and Realm of New Zealand territories share the currency and mostly also the market of their respective mainland state, but are generally not part of its customs territory.
^ Proposed by Ecuador's President Rafael Correa on December 15, 2007
^ Not currently on any political agenda, based mostly off conspiracy theories.

[edit] External links

[0] Monaco is partially participating in the EU single market, and also in a de facto customs and currency union with the EU.

[1] The states participating in both initiatives are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines.

[2] Common market in EFTA, Customs union since 1924, informal Currency union since 1920.

[3] EU Overseas countries and some other territories participate partially in the EU single market per part four of the Treaty Establishing the European Community; Some EU Outermost regions and other territories use the Euro of the currency union, others are part of the customs union; some participate in both unions and some in neither.
Territories of the United States, Australian External Territories and Realm of New Zealand territories share the currency and mostly also the market of their respective mainland state, but are generally not part of its customs territory.

[4] Proposed by Ecuador's President Rafael Correa on December 15, 2007

[5] Not currently on any political agenda, based mostly off conspiracy theories.

[1]

[2]

[3]

[4]

[5]

[6]

Economic and monetary union

Contents

[edit] List of economic and monetary unions

[edit] Proposed

[edit] Previous

[edit] See also

[edit] References

[edit] External links

Personal tools

Namespaces

Variants

Views

Actions

Search

Navigation

Interaction

Toolbox

Print/export

Languages